weekly silver forecast
Silver ( xagusd ) price crashed below 15$ last week and tested 14.80$ zone . Highest point was 15.53$ and lowest point was 14.78$ last week . Interestingly main movement came in this precious metal in last hours of trading after NFP data . It finally gave some recovery in last hours of trading and settled slightly above 15$ .
This week silver chart suggested a main support at 14.50$ . If traders manage to break this base level and close beneath this level . Then expect bears to have upper hand upto 14$ – 13.60$ this upcoming week .
A good resistance on weekly chart stands at 15.55$ . Once market take this resistance out and manage to close above our hurdle this week . Then expect market to test upto 16$ – 16.45$ this week .
Silver weekly forecast conclusion : Trend is weak for now . Gold gave a smart recovery and so xagusd . However trend is still in grip of sellers but avoid fresh selling at these levels and keep an eye on daily update to determine the daily trend .
More will update in daily forecast update .